Material Depot raises $10 million from Accel, Stellaris Venture Partners

Interior design and home decor startup Material Depot has raised $10 million (about INR 90 Cr) in a Series A funding round co-led by Accel and Stellaris Venture Partners. 

The funding round also saw participation from Whiteboard Capital, DeVC, Soma Capital, MyAsiaVC, along with multiple angel investors. 

The round also saw participation from Whiteboard Capital, DeVC, Soma Capital and MyAsiaVC, along with several angel investors. Notable participants included Livspace’s Ramakant Sharma, Curefoods’ Ankit Nagori, bharatpe’s Shashvat Nakrani, spinny’s Niraj Singh, tracxn’s Abhishek Goyal, and Supertails’ Vineet Khanna, among others.

Material Depot plans to use the funds to grow its offline presence by opening experiential stores in Bengaluru and Hyderabad over the coming months.

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“These are very high ticket purchases, made once or twice in a decade, and people want to make very informed decisions. That’s why the offline experience centres play a key role in conversion. So business acquisition happens online, and the conversion happens offline,” cofounder Manish Reddy said. 

“Today, customers are totally dependent on designers. Even when they discover ideas online, they don’t know whether those materials are actually available because the market is highly fragmented,” said Rahul Chowdhri, partner at Stellaris Venture Partners. “That is the opportunity Material Depot is addressing. In our estimate, this is a roughly $14 billion market.”

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“Home materials in India remain a low-trust, supplier-led market, even as homeowners have evolved into informed, design-driven decision makers. Material Depot is flipping this model by anchoring the category in design intelligence, supply chain control, and a trusted physical experience,” said Pratik Agarwal, partner at Accel.

About Material Depot

Founded in 2021 by Reddy and Sarthak Agrawal, the Bengaluru-based Material Depot is an online marketplace for home interior materials that connects contractors, interior designers, and developers with verified suppliers.

Customers can browse curated interior material collections or search for materials based on their own ideas. The platform also offers 3D visualisation to help customers see how materials will look. The company plans to use the new funds to strengthen its technology, including product design tools, supply chain management, and inventory planning.

Material Depot supplies materials across categories such as plywood, laminates, boards, wallpapers, panels, and tiles. It also plans to expand into new categories like bathroom fittings soon.

While the platform supports deliveries across India, such orders are handled on a case-by-case basis depending on order value and delivery costs. Material Depot manages shipping through its leased delivery fleet, with most deliveries currently focused in Hyderabad and Bengaluru.

Since launching in 2021, the startup has introduced several private label brands which now account for about 60% of its product portfolio. It works with multiple vendors across india to manufacture these products. Around 10% of its materials are imported from countries including China, South Korea and Vietnam.

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The company is increasingly focusing on direct consumer sales, with partnerships with interior designers and contractors now contributing about 40% of its business.

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